ing (l) patrimonial (l... · statement of net assets as at 31/03/2009 7 securities portfolio as at...

for the period ended March 31, 2009LUXEMBOURG

Semi-annual report and unaudited financial statements

Société d'Investissement à Capital Variable

ING (L)PATRIMONIAL

ING (L) PATRIMONIALSemi-annual report and unaudited financial statementsfor the period ended March 31, 2009

ING INVESTMENT MANAGEMENT

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For additional information please contact:

ING Investment Management BelgiumFundinfo Helpdesk (MA 2.01.02)Avenue Marnix 24B-1000 BrusselsTel. +32 2 547 87 88e-mail: [email protected] www.ingim.com

ING (L) PATRIMONIAL Semi-annual report and unaudited financial statementsfor the period ended March 31, 2009

ING INVESTMENT MANAGEMENT


No subscription can be received on the basis of the financial statements alone. Subscriptions are only valid if made on the basis of the currentprospectus, accompanied by the latest annual report and the most recent semi-annual report, if published thereafter.

The prospectus, the statutes, the annual and semi-annual reports are made available to the shareholders at the custodian bank and at the Company'sregistered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who sorequests.

The information given in this report is for reference purposes only. It is not a guide to future results.

Warning

1ING INVESTMENT MANAGEMENT



Table of contents Page

Organisation 2

Combined statements

Combined statement of net assets as at 31/03/2009 5

ING (L) Patrimonial - Aggressive

Statistics 6

Financial statements 7

Statement of net assets as at 31/03/2009 7

Securities portfolio as at 31/03/2009 8

Financial derivative instruments as at 31/03/2009 9

ING (L) Patrimonial - Balanced

Statistics 10





ING (L) Patrimonial - Defensive

Statistics 14





ING (L) Patrimonial - Euro

Statistics 18





ING (L) Patrimonial - Target Return Bond

Statistics 22





Notes to the financial statements 27

2 ING INVESTMENT MANAGEMENT



Organisation

Registered Office 52, route d'Esch,L-1470 Luxembourg

BOARD OF DIRECTORS

Chairman Michel van Elk (since 23/01/2009),Head of Marketing and Sales,ING Investment Management (Europe) B.V.

Alexandre Deveen (until 22/01/2009),Managing Director, Mutual Funds Brussels,ING Investment Management Belgium

Directors Jonathan Atack (since 22/01/2009),Chief Financial and Risk Officer,ING Investment Management (Europe) B.V.

David Eckert (since 22/01/2009),Chief Operating Officer,ING Investment Management (Europe) B.V.

Maurice Hannon (since 22/01/2009)Head of Legal & Domiciliation,ING Investment Management Luxembourg S.A.

Jan Straatman (since 22/01/2008),Chief Investment Officer,ING Investment Management (Europe) B.V.

Maaike van Meer (since 22/01/2009),Head of Legal Services,ING Investment Management (Europe) B.V.

Odilon de Groote (until 22/01/2009),Companies Director

Philippe Gusbin (until 14/11/2008),Senior General Manager Ops & IT,ING Luxembourg

Paul Suttor (until 22/01/2009),Product & Change Management, S.M.O.,ING Investment Management Luxembourg S.A.

Management Company ING Investment Management Luxembourg S.A.,52, route d’Esch, Luxembourg

Investment Manager ING Investment Management Luxembourg S.A.,52, route d’Esch, Luxembourg

delegated to




Organisation

ING Investment Management Belgium,24, avenue Marnix/Marnixlaan, Brussels

ING Asset Management B.V.,15, Prinses Beatrixlaan, The Hagues

Custodian ING Luxembourg,52, route d’Esch, Luxembourg

Central Administration ING Investment Management Luxembourg S.A. (since 01/10/2008),52, route d’Esch, Luxembourg

Registrar and Transfer Agent ING Investment Management Luxembourg S.A.,52, route d’Esch, Luxembourg

delegated to

ING Luxembourg,52, route d’Esch, Luxembourg

Independent Auditors Ernst & Young S.A.,7, Parc d’Activité Syrdall, Munsbach

Financial Servicing

Austria ING Bank NV-Vienna branch (*),Ungargasse 64-66/305, Wien

Belgium ING Belgium,24, avenue Marnix/Marnixlaan, Brussels

Finland Danske Capital Finland Oy,Aleksanterinkatu, 44, 7krs, Helsinki

France CACEIS Bank,1/3, Place Valhubert, Paris

Greece ING Piraeus Asset Management Company,3, Korai Street, Athens

Italy INGIM Italy Sim,Via Paleocapa 5, Milano

Luxembourg ING Luxembourg,52, route d’Esch, Luxembourg

(*) Only the sub-fund ING (L) Patrimonial - Target Return Bond is registered in Austria.




Organisation

Spain ING Belgium S.A., Sucursal en Espãna(ING Investment Management),Génova, 27-3a Planta Madrid

The Netherlands ING Bank N.V.,Amstelveensesteenweg 500, Amsterdam

The accompanying notes form an integral part of these financial statements.

Combined statements(Denominated in EUR)




Total securities portfolio 741,721,818.16

Shares 46,647,115.29

Undertakings for collective investment 434,880,164.28

Bonds and other debt instruments 244,998,149.92

Money market instruments 15,196,388.67

Total financial derivative instruments 1,385,767.79

Interest rate swaps 110,217.22

Performance swaps 14,148.47

Forward foreign exchange contracts 715,907.77

Futures 545,494.33

Cash at bank 92,216,660.72

Margin deposits 8,211,193.45

Other assets 24,024,545.733

Total assets 867,559,985.85

Bank overdrafts (543,203.02)

Current liabilities (13,792,006.04)3

Total financial derivative instruments (624,428.92)Futures (432,245.92)Credit default swaps (192,183.00)

Total liabilities (14,959,637.98)

Net assets at the end of the period 852,600,347.87

Notes

Combined statement of net assets as at 31/03/2009


* The total expense ratio (TER) and portfolio turnover rates are calculated in accordance with the CSSF Circular 2003/122 issued on December 19, 2003.Transaction costs are included in the purchase/sale price of the securities. These costs, which are not treated as operating expenses, are not included in thecalculation of the TER.The TER includes the proportional TER of the underlying funds and the sub-funds' TER.The TER and the portfolio turnover rates are calculated for the last twelve months.The TER is annualized for periods less than one year. Portfolio turnover rate is not annualized for periods less than one year.

(Denominated in EUR)



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Statistics

31/03/2009Net assets 36,885,237.88EUR30/09/2008 47,101,299.93EUR30/09/2007 70,438,123.84EUR

Capitalisation P (EUR) 334.5931/03/2009 EUR415.3730/09/2008 EUR525.2130/09/2007 EUR

Capitalisation X (EUR) 314.9631/03/2009 EUR392.5130/09/2008 EUR500.0930/09/2007 EUR

Distribution P (EUR) 1,192.7231/03/2009 EUR1,490.8930/09/2008 EUR1,919.4030/09/2007 EUR

Net asset value per share

Capitalisation P (EUR) 98,61531/03/2009100,23630/09/2008114,80630/09/2007

Capitalisation X (EUR) 2,37831/03/20093,26930/09/20084,01730/09/2007

Distribution P (EUR) 2,63431/03/20092,80530/09/20084,23730/09/2007

Number of shares

Distribution P (EUR) 8.0019/12/2008 EUR

Dividend



Capitalisation P (EUR) 1.55%31/03/2009

Capitalisation X (EUR) 2.31%31/03/2009

Distribution P (EUR) 1.55%31/03/2009

Total expense ratio (TER) in %*

Portfolio turnover in %* 31/03/2009 69.27%







Financial statements


Shares 3,545,267.33



Total financial derivative instruments 78,946.05

Futures 78,946.05

Cash at bank 2,383,351.38




Current liabilities (236,325.96)3

Total liabilities (391,117.53)


Notes

Statement of net assets as at 31/03/2009

ING (L) Patrimonial - Aggressive(Denominated in EUR)





Securities portfolio as at 31/03/2009

AIR LIQUIDE EUR 53,773.11 0.15878

Transferable securities and money market instruments listed onan official stock exchange

Shares

France

ALSTOM EUR 24,248.67 0.07622

AXA EUR 50,906.25 0.145,625

BNP PARIBAS EUR 89,999.04 0.242,892

CARREFOUR SA EUR 60,358.20 0.162,053

COMPAGNIE DE SAINT GOBAIN EUR 23,844.48 0.061,129

CREDIT AGRICOLE SA EUR 28,385.48 0.083,415

DANONE GROUPE EUR 52,240.50 0.141,425

FRANCE TELECOM SA EUR 110,703.25 0.306,455

GDF SUEZ EUR 104,356.45 0.284,037

GDF SUEZ STRIP VVPR EUR 19.74 0.0019,740

L'OREAL EUR 41,440.00 0.11800

LVMH EUR 37,075.36 0.10784

RENAULT EUR 9,430.37 0.03609

SANOFI-AVENTIS SA EUR 147,524.78 0.403,481

SCHNEIDER ELECTRIC SA EUR 41,691.52 0.11832

STE GENERALE EUR 57,672.50 0.161,955

TOTAL SA EUR 265,081.28 0.717,083

VINCI EUR 46,433.26 0.131,661

VIVENDI EUR 78,424.80 0.213,936

1,323,609.04 3.58

ALLIANZ SE-REG EUR 96,281.72 0.261,522

Germany

BASF AG EUR 69,555.08 0.193,052

BAYER AG EUR 92,628.00 0.252,573

DAIMLER CHRYSLER AG EUR 56,133.36 0.152,942

DEUTSCHE BANK AG EUR 58,266.90 0.161,923

DEUTSCHE BOERSE AG EUR 25,594.32 0.07564

DEUTSCHE TELEKOM AG EUR 85,580.55 0.239,153

E.ON AG EUR 129,934.74 0.366,214

MUENCHENER RUECKVER AG EUR 62,056.80 0.17676

RWE EUR 75,043.01 0.201,421

SAP AG EUR 78,465.88 0.212,941

SIEMENS AG EUR 110,750.75 0.302,575

VOLKSWAGEN AG EUR 92,057.40 0.25398

1,032,348.51 2.80

BANCO BILBAO VIZCAYA ARGENTA EUR 73,301.67 0.2011,997

Spain

BANCO SANTANDER SA EUR 139,787.46 0.3826,934

IBERDROLA SA EUR 65,017.92 0.1812,314

REPSOL YPF SA EUR 31,480.48 0.092,416

TELEFONICA SA EUR 207,666.52 0.5513,826

517,254.05 1.40

ASSICURAZIONI GENERALI EUR 47,588.10 0.133,689

Italy

ENEL SPA EUR 51,019.34 0.1414,123

ENI SPA EUR 109,723.10 0.297,505

INTESA SANPAOLO EUR 55,387.56 0.1526,725

TELECOM ITALIA SPA EUR 32,523.65 0.0933,495

UNICREDIT SPA EUR 59,259.55 0.1647,713

355,501.30 0.96

NameQuantity/Nominal

Market valuein EUR

Currency %NAV

AEGON NV EUR 14,473.80 0.044,950

Netherlands

ING GROEP NV EUR 26,481.15 0.076,381

KONINKLIJKE PHILIPS ELECTRONICS EUR 38,658.12 0.103,489

UNILEVER NV EUR 77,695.20 0.225,232

157,308.27 0.43

NOKIA EUR 113,726.16 0.3112,807

Finland

113,726.16 0.31

ARCELORMITTAL EUR 35,514.38 0.102,325

Luxembourg

35,514.38 0.10

FORTIS EUR 9,972.81 0.037,211

Belgium

FORTIS STRIP VVPR EUR 32.81 0.0032,814

10,005.62 0.03

3,545,267.33 9.61

DEUTSCHLAND REP 3.75% 04-04/01/2015 EUR 10,702.71 0.0310,000

Bonds and other debt instrumentsGermany



DEUTSCHLAND REP 5% 01-04/07/2011 EUR 10,805.56 0.0310,000


KFW 4.75% 98-11/08/2010 EUR 1,042,986.81 2.821,000,000

1,096,871.95 2.97

DEPFA BANK PLC 05-15/12/2015 FRN EUR 17,000.00 0.05100,000

Ireland

17,000.00 0.05

1,113,871.95 3.02

ING (L) Invest - Banking & Insurance I CAP USD 3,033,188.45 8.2213,626

Other transferable securities and money market instruments

Undertakings for collective investmentLuxembourg

ING (L) Invest - Computer Technologies I CAP USD 2,562,251.26 6.957,916

ING (L) Invest - Consumer Goods I CAP USD 2,197,026.44 5.965,200

ING (L) Invest - Energy I CAP USD 2,822,417.54 7.654,168

ING (L) Invest - Food & Beverages I CAP USD 2,486,617.46 6.743,921

ING (L) Invest - Global Growth I CAP EUR 4,220,718.32 11.451,204

ING (L) Invest - Global High Dividend I CAP EUR 1,379,194.14 3.748,133

ING (L) Invest - Health Care I CAP USD 3,362,208.34 9.127,081

ING (L) Invest - Industrials I CAP EUR 1,651,647.48 4.488,533

ING (L) Invest - Materials I CAP USD 1,226,372.32 3.322,644ING (L) Invest - Middle East & North Afric ICAP EUR

EUR 184,700.21 0.5040

ING (L) Invest - Telecom I CAP USD 1,402,203.48 3.804,134

ING (L) Invest - Utilities I CAP USD 979,923.24 2.662,536ING (L) Renta Fund - Emerging Markets Debt(Hard Currency) I CAP

EUR 187,121.34 0.5181

ING (L) Renta Fund - Emerging Markets Debt(Local Currency) I Hedged CAP

EUR 446,845.17 1.2111,787

ING (L) Renta Fund - Euro I CAP EUR 140,608.95 0.38365

ING (L) Renta Fund - Eurocredit I CAP EUR 233,562.92 0.630

ING (L) Renta Fund - Global High Yield I CAP EUR 465,475.80 1.262,010


Market valuein EUR

Currency %NAV

ING (L) Patrimonial - Aggressive(Denominated in EUR)






ING (L) Renta Fund II - Belgian GovernmentEuro CAP

EUR 145,192.60 0.39140

29,127,275.46 78.97

29,127,275.46 78.97

Total securities portfolio 33,786,414.74 91.60


Market valuein EUR

Currency %NAV

EURO STOXX 50 DOW JONES -FUTURE 19/06/2009

EUR 3,587,400.00(180) 50,580.00

Futures on stock indices

MDAX INDEX - FUTURE 19/06/2009 EUR 176,360.00(8) 271.05

50,851.053,763,760.00

EURO BUXL 30YR - FUTURE08/06/2009

EUR 984,600.0010 9,400.00

Futures on interest rates

EURO-BOBL 5YR 6% - FUTURE08/06/2009

EUR 2,564,430.0022 (3,300.00)

EURO-BUND 10YR 6% - FUTURE08/06/2009

EUR 1,617,590.0013 13,350.00

EURO-SCHATZ 2YR 6% - FUTURE08/06/2009

EUR 2,490,785.0023 (2,875.00)

SWAPNOTE 10YR - FUTURE15/06/2009

EUR 1,097,820.009 11,520.00

28,095.008,755,225.00

NameQuantity Commitmentin EUR

Currency Unrealizedprofit or (loss)

in EUR


Financial derivative instruments as at 31/03/2009

Summary of net assets%

NAV


Total financial derivative instruments 78,946.05 0.21

Cash at bank 2,383,351.38 6.46

Other assets and liabilities 636,525.71 1.73

Total net assets 36,885,237.88 100.00







Statistics




Distribution P (EUR) 642.9931/03/2009 EUR756.4630/09/2008 EUR907.0730/09/2007 EUR





Number of shares


Dividend
















Shares 23,818,994.83




Performance swaps 14,148.47

Cash at bank 12,561,018.63





Total financial derivative instruments (258,865.92)Futures (258,865.92)



Notes


ING (L) Patrimonial - Balanced(Denominated in EUR)






AIR LIQUIDE EUR 338,868.59 0.135,533


Shares

France

ALSTOM EUR 194,925.00 0.075,000

AXA EUR 339,465.50 0.1337,510

BNP PARIBAS EUR 622,400.00 0.2320,000

CARREFOUR SA EUR 344,156.40 0.1311,706





GDF SUEZ EUR 775,500.00 0.2930,000


L'OREAL EUR 272,416.20 0.105,259

LVMH EUR 259,858.55 0.105,495

RENAULT EUR 65,888.68 0.024,255

SANOFI-AVENTIS SA EUR 1,017,120.00 0.3724,000

SCHNEIDER ELECTRIC SA EUR 261,624.31 0.105,221

STE GENERALE EUR 413,000.00 0.1514,000

SUEZ ENVIRONNEMENT SA EUR 69,894.33 0.036,311

TOTAL STRIP VVPR EUR 70.49 0.0070,488

TOTAL SA EUR 1,871,250.00 0.6850,000

VINCI EUR 290,256.77 0.1110,383

VIVENDI EUR 494,578.35 0.1824,822

9,032,970.15 3.34


Germany

BASF AG EUR 476,356.58 0.1820,902

BAYER AG EUR 585,936.00 0.2216,276



DEUTSCHE BOERSE AG EUR 193,545.70 0.074,265


E.ON AG EUR 844,283.07 0.3140,377

MUENCHENER RUECKVER AG EUR 399,789.00 0.154,355

RWE EUR 494,407.22 0.189,362

SAP AG EUR 503,878.48 0.1918,886

SIEMENS AG EUR 790,867.88 0.2918,388

VOLKSWAGEN AG EUR 578,250.00 0.212,500

6,844,769.99 2.54


Spain


IBERDROLA SA EUR 475,200.00 0.1890,000

REPSOL YPF SA EUR 219,685.80 0.0816,860

TELEFONICA SA EUR 1,337,936.54 0.4989,077

3,430,453.62 1.27


Italy

ENEL SPA EUR 322,437.30 0.1289,256

ENI SPA EUR 759,201.98 0.2851,929




2,361,747.25 0.88


Market valuein EUR

Currency %NAV

AEGON NV EUR 92,576.76 0.0331,661

Netherlands

ING GROEP NV EUR 207,500.00 0.0850,000


UNILEVER NV EUR 500,771.70 0.1933,722

1,052,187.18 0.39

NOKIA EUR 743,895.36 0.2883,772

Finland

743,895.36 0.28

ARCELORMITTAL EUR 268,901.10 0.1017,604

Luxembourg

268,901.10 0.10

FORTIS EUR 69,765.44 0.0350,445

Belgium


ROULARTA MEDIA GRP STRIP VVPR EUR 5.00 0.005,000

TESSENDERLO CHEMIE STRIP VVPR EUR 14.00 0.00100

69,962.22 0.03

ASTELLAS PHARMA INC JPY 9,211.75 0.00400

Japan

SEKISUI HOUSE LTD JPY 1,985.71 0.00350

11,197.46 0.00

FORTIS CAP COMP CL A EUR 2,910.50 0.005

Jersey

2,910.50 0.00

23,818,994.83 8.83

RESEAU FERRE DE FRANCE 5.25% 98-14/04/2010

EUR 10,363,475.60 3.8510,000,000

Bonds and other debt instrumentsFrance

10,363,475.60 3.85

MERRILL LYNCH 5.375% 98-25/06/2010 FRF 4,955,078.46 1.8434,000,000

United States

4,955,078.46 1.84

CANADA GOVT 4.5% 98-28/04/2009 EUR 3,753,790.47 1.393,744,902

Canada

3,753,790.47 1.39


Ireland

119,000.00 0.04


Germany





DEUTSCHLAND REPUBLIC 4% 07-04/01/2018 EUR 10,862.17 0.0010,000

64,747.31 0.02


Market valuein EUR

Currency %NAV

ING (L) Patrimonial - Balanced(Denominated in EUR)






SPANISH GOVT 6% 98-31/01/2029 EUR 35,974.00 0.0130,363

Spain

35,974.00 0.01

LLOYDS TSB BANK 5.625% 99-15/07/2049 EUR 5,700.00 0.0010,000

United Kingdom

5,700.00 0.00

19,297,765.84 7.15





ING (L) Invest - Consumer Goods I CAP USD 11,407,637.26 4.2327,000



ING (L) Invest - Global Growth I CAP EUR 21,734,596.00 8.056,200

ING (L) Invest - Global High Dividend I CAP EUR 6,783,200.00 2.5140,000


ING (L) Invest - Industrials I CAP EUR 8,710,200.00 3.2345,000

ING (L) Invest - Materials I CAP USD 6,493,650.67 2.4114,000ING (L) Invest - Middle East & North Afric ICAP EUR

EUR 1,427,877.67 0.53313

ING (L) Invest - Telecom I CAP USD 7,122,949.46 2.6421,000

ING (L) Invest - Utilities I CAP USD 5,525,592.38 2.0514,300

ING (L) Liquid - Euro A CAP EUR 1,223,774.06 0.451,008ING (L) Renta Fund - Emerging Markets Debt(Hard Currency) I CAP

EUR 4,504,773.00 1.671,950


EUR 7,551,672.00 2.80199,200

ING (L) Renta Fund - Euro I CAP EUR 26,966,100.00 9.9870,000ING (L) Renta Fund - Euro Long Duration PCAP

EUR 5,223,000.00 1.9420,000

ING (L) Renta Fund - Eurocredit I CAP EUR 10,156,075.83 3.769

ING (L) Renta Fund - Global High Yield I CAP EUR 5,460,193.24 2.0223,578ING (L) Renta Fund II - Belgian GovernmentEuro CAP

EUR 1,427,035.84 0.531,376

ING (L) Renta Fund II - Obli-Cash Euro CAP EUR 2,362,361.78 0.886,191

206,873,284.47 76.65

206,873,284.47 76.65



Market valuein EUR

Currency %NAV


EUR 22,919,500.00(1,150) (552,500.00)


MDAX INDEX - FUTURE 19/06/2009 EUR 1,102,250.00(50) 1,694.08

(550,805.92)24,021,750.00


EUR 5,119,920.0052 48,880.00




in EUR



EUR 26,576,820.00228 (34,200.00)


EUR 32,351,800.00260 277,260.00

291,940.0064,048,540.00



in EUR

ING INDEX LINKED FUND II MULTI -PROTECTOR 02/07/2009

EUR 14,148.47981 24,525.00

14,148.47

Performance swaps

NameQuantity Currency Market valuein EUR

Notional

Total financial derivative instruments (244,717.45)


NAV


Total financial derivative instruments (244,717.45) (0.09)

Cash at bank 12,561,018.63 4.65

Other assets and liabilities 7,568,805.17 2.81

Total net assets 269,875,151.49 100.00







Statistics






Capitalisation P (EUR) 84,89931/03/200994,21130/09/2008

126,12730/09/2007



Number of shares


Dividend
















Shares 48.95




Futures 49,858.82

Cash at bank 1,568,700.16

Margin deposits 52,428.80

Other assets 649,722.583





Notes


ING (L) Patrimonial - Defensive(Denominated in EUR)








Shares

France


28.11 0.00


Belgium

20.84 0.00

48.95 0.00

CAISSE AMORT DET 3.125% 05-12/07/2010 EUR 2,037,617.62 4.522,000,000

Bonds and other debt instrumentsFrance

FRANCE O.A.T. 5.5% 98-25/04/2029 EUR 1,524,665.03 3.381,300,000

3,562,282.65 7.90


Germany






DEUTSCHLAND REP 6.25% 94-04/01/2024 EUR 979,979.68 2.18766,938HYPO REAL ESTATE BK INTL 3% 05-12/10/2012

EUR 482,483.50 1.08500,000

MUENCHENER HYPOTHEKENBNK 2.75% 05-04/05/2010

EUR 605,477.36 1.35600,000

2,133,874.43 4.74

HELLENIC REP 6.5% 99-11/01/2014 EUR 1,587,724.42 3.521,467,351

Greece

1,587,724.42 3.52

ITALY BTPS 3.75% 06-01/08/2016 EUR 808,872.35 1.80800,000

Italy

808,872.35 1.80

BANCO SANTANDER 4% 05-07/04/2020 EUR 371,620.15 0.83400,000

Spain

SPANISH GOVT 6.15% 97-31/01/2013 EUR 227,376.34 0.50202,024

598,996.49 1.33

AIB MORTGAGE BNK 3.75% 06-30/04/2013 EUR 547,860.00 1.21600,000

Ireland


581,860.00 1.29

SAMPO HOUSING BK 2.5% 05-23/09/2010 EUR 498,683.60 1.11500,000

Finland

498,683.60 1.11

ASFINAG 3.125% 05-06/10/2015 EUR 478,793.38 1.06500,000

Austria

478,793.38 1.06


Market valuein EUR

Currency %NAV

EUROFIMA 4.375% 04-21/10/2019 EUR 304,756.59 0.68300,000

Supranational - Multinational

304,756.59 0.68

10,555,843.91 23.43





ING (L) Invest - Consumer Goods I CAP USD 916,836.03 2.032,170



ING (L) Invest - Global Growth I CAP EUR 1,759,801.16 3.91502

ING (L) Invest - Global High Dividend I CAP EUR 574,876.20 1.283,390


ING (L) Invest - Industrials I CAP EUR 688,299.36 1.533,556

ING (L) Invest - Materials I CAP USD 511,606.90 1.141,103ING (L) Invest - Middle East & North Afric ICAP EUR

EUR 233,016.96 0.5251

ING (L) Invest - Telecom I CAP USD 585,099.42 1.301,725

ING (L) Invest - Utilities I CAP USD 408,816.55 0.911,058ING (L) Renta Fund - Emerging Markets Debt(Hard Currency) I CAP

EUR 882,473.48 1.96382


EUR 1,667,660.90 3.7043,990


EUR 417,840.00 0.931,600

ING (L) Renta Fund - Eurocredit I CAP EUR 4,559,505.88 10.124

ING (L) Renta Fund - Global High Yield I CAP EUR 1,691,228.74 3.757,303ING (L) Renta Fund II - Belgian GovernmentEuro CAP

EUR 5,268,417.20 11.685,080

ING (L) Renta Fund II - Obli-Cash Euro CAP EUR 1,608,359.70 3.574,215

32,695,249.60 72.56

32,695,249.60 72.56



Market valuein EUR

Currency %NAV


EUR 438,460.00(22) 14,300.00


MDAX INDEX - FUTURE 19/06/2009 EUR 220,450.00(10) 338.82

14,638.82658,910.00


EUR 1,981,605.0017 (2,550.00)



EUR 4,355,050.0035 37,770.00

35,220.006,336,655.00



in EUR



ING (L) Patrimonial - Defensive(Denominated in EUR)






NAV


Total financial derivative instruments 49,858.82 0.11

Cash at bank 1,568,700.16 3.48

Other assets and liabilities 186,911.97 0.42

Total net assets 45,056,613.40 100.00







Statistics









Number of shares


Dividend
















Shares 19,282,804.18








Total financial derivative instruments (173,380.00)Futures (173,380.00)



Notes


ING (L) Patrimonial - Euro(Denominated in EUR)






AIR LIQUIDE EUR 292,261.14 0.154,772


Shares

France

AXA EUR 276,414.15 0.1430,543

BNP PARIBAS EUR 489,299.76 0.2515,723

CARREFOUR SA EUR 328,398.00 0.1711,170





GDF SUEZ EUR 610,913.05 0.3123,633


L'OREAL EUR 226,210.60 0.124,367

LVMH EUR 222,972.35 0.114,715

RENAULT EUR 56,535.74 0.033,651

SANOFI-AVENTIS SA EUR 801,999.12 0.4118,924

SCHNEIDER ELECTRIC SA EUR 226,797.86 0.124,526

STE GENERALE EUR 313,850.50 0.1610,639

SUEZ ENVIRONNEMENT SA EUR 57,689.68 0.035,209


TOTAL SA EUR 1,439,552.63 0.7438,465

VINCI EUR 253,160.48 0.139,056

VIVENDI EUR 426,594.25 0.2221,410

7,210,691.02 3.70


Germany

BASF AG EUR 383,738.02 0.2016,838

BAYER AG EUR 504,072.00 0.2614,002



DEUTSCHE BOERSE AG EUR 162,505.78 0.083,581


E.ON AG EUR 707,259.84 0.3633,824

MUENCHENER RUECKVER AG EUR 346,912.20 0.183,779

RWE EUR 399,877.32 0.217,572

SAP AG EUR 426,719.92 0.2215,994

SIEMENS AG EUR 643,042.51 0.3314,951

VOLKSWAGEN AG EUR 464,913.00 0.242,010

5,701,393.61 2.93


Spain


IBERDROLA SA EUR 353,675.52 0.1866,984

REPSOL YPF SA EUR 188,843.79 0.1014,493

TELEFONICA SA EUR 1,128,918.22 0.5875,161

2,830,045.73 1.45


Italy

ENEL SPA EUR 277,313.57 0.1476,765

ENI SPA EUR 652,666.04 0.3544,642




2,056,193.88 1.06


Market valuein EUR

Currency %NAV

AEGON NV EUR 75,333.94 0.0425,764

Netherlands

ING GROEP NV EUR 157,886.75 0.0838,045


UNILEVER NV EUR 421,977.60 0.2128,416

860,388.81 0.44

NOKIA EUR 618,270.00 0.3269,625

Finland

618,270.00 0.32

FORTIS CAP COMP CL A EUR 5,821.00 0.0010

Jersey

5,821.00 0.00

REAL SOFTWARE STRIP VVPR EUR 0.13 0.0033

Belgium

0.13 0.00

19,282,804.18 9.90

BAYERISCHE LNDBK 4.375% 04-22/01/2014 EUR 3,382,340.42 1.733,250,000

Bonds and other debt instrumentsGermany






DEUTSCHLAND REPUBLIC 4% 07-04/01/2018 EUR 21,724.35 0.0120,000

LANDESBK BERLIN AG 3.625% 04-24/02/12 EUR 2,044,843.50 1.042,000,000

5,502,793.41 2.83

CAISSE NAT AUT 4.5% 98-25/04/2010 EUR 1,694,746.24 0.871,646,940

France

FRANCE O.A.T. 4% 05-25/04/2055 EUR 1,955,489.26 1.002,000,000

3,650,235.50 1.87

SLMA 7 A5 02-15/09/2021 FRN EUR 2,273,618.72 1.172,503,985

United States

2,273,618.72 1.17

SPANISH GOVT 6% 98-31/01/2029 EUR 320,180.70 0.16270,242

Spain

320,180.70 0.16

EUROPEAN INVT BK 4% 05-15/10/2037 EUR 274,470.90 0.14300,000

Supranational - Multinational

274,470.90 0.14

HELLENIC REP 6.5% 99-11/01/2014 EUR 77,322.17 0.0471,460

Greece

77,322.17 0.04

12,098,621.40 6.21

SSGA INDEX EQUITY FUND EMU INDEX - I EUR 35,058,790.35 18.01250,904

Undertakings for collective investmentFrance

35,058,790.35 18.01

35,058,790.35 18.01


Market valuein EUR

Currency %NAV

ING (L) Patrimonial - Euro(Denominated in EUR)






ING (L) Invest - EMU Equity I CAP EUR 36,427,275.54 18.72528,391



ING (L) Invest - Euro High Dividend I CAP EUR 21,210,306.48 10.8980,712

ING (L) Invest - Europe Opportunities I CAP EUR 2,754,927.84 1.41868


EUR 3,264,375.00 1.6812,500

ING (L) Renta Fund - Eurocredit I CAP EUR 17,162,963.54 8.8115ING (L) Renta Fund II - Belgian GovernmentEuro CAP

EUR 17,215,694.00 8.8416,600

122,981,111.05 63.17

122,981,111.05 63.17



Market valuein EUR

Currency %NAV


EUR 4,923,000.0050 45,940.00



EUR 3,846,645.0033 (4,950.00)


EUR 6,345,930.0051 56,610.00

EURO-SCHATZ 2YR 6% - FUTURE08/06/2009

EUR 12,778,810.00118 (14,750.00)

82,850.0027,894,385.00


EUR 20,806,920.00(1,044) (256,230.00)


(256,230.00)20,806,920.00



in EUR

Total financial derivative instruments (173,380.00)



NAV


Total financial derivative instruments (173,380.00) (0.09)

Cash at bank 0.00 -


Total net assets 194,703,471.05 100.00







Statistics




Capitalisation I (EUR) 4,210.7131/03/2009 EUR4,718.0130/09/2008 EUR5,138.0630/09/2007 EUR

Distribution D (EUR) 18.7231/03/2009 EUR21.4430/09/2008 EUR24.6430/09/2007 EUR



Capitalisation X (EUR) 36,56231/03/200957,27830/09/2008

111,27430/09/2007

Capitalisation I (EUR) 25431/03/200931430/09/2008

8,63830/09/2007

Distribution D (EUR) 14,812,21531/03/200916,559,06330/09/200817,768,23330/09/2007

Number of shares

Distribution D (EUR) 0.1504/03/2009 EUR

Dividend










Capitalisation I (EUR) 0.74%31/03/2009

Distribution D (EUR) 1.13%31/03/2009













Money market instruments 15,196,388.67


Interest rate swaps 110,217.22

Forward foreign exchange contracts 715,907.77

Futures 416,689.46

Cash at bank 75,703,590.55





Current liabilities (11,658,769.11)3

Total financial derivative instruments (192,183.00)Credit default swaps (192,183.00)



Notes


ING (L) Patrimonial - Target Return Bond(Denominated in EUR)






AVIS FINANCE CO PLC 06-31/07/2013 FRN EUR 640,000.00 0.212,000,000


Bonds and other debt instruments

United Kingdom

CITY OF KIEV (CREDIT SUISSE) 8% 05-06/11/2015

USD 188,113.84 0.061,250,000

EXIM UKRAINE (CSFB INTL) 7.65% 06-07/09/2011

USD 1,449,875.72 0.475,000,000

GRANITE FINANCE 1X A6 06-20/12/2054 FRN EUR 837,078.38 0.271,213,157

GRANITE MASTER 2 A5 05-20/12/2054 FRN EUR 11,848,200.98 3.8817,171,306

GRANITE MTGE 03-20/07/2043 FRN EUR 395,640.50 0.13579,214

LLOYDS TSB BANK 09-29/01/2049 FRN EUR 1,072,094.50 0.352,000,000

LOUIS NO1 PLC 8.5% 06-01/12/2014 EUR 255,000.00 0.081,500,000MOUND FINANCING 5X 3A1 06-08/02/2042FRN

EUR 9,000,000.00 2.9412,000,000

PERMA 7 3C 05-10/06/2042 FRN EUR 120,000.00 0.04400,000

PERMA 9X 4B 06-10/06/2042 FRN EUR 3,714,715.00 1.215,000,000

PERMA 9X 4C 06-10/06/2042 FRN EUR 1,085,486.00 0.352,000,000UK SPV CREDIT FINANCE PLC 8% 07-06/02/2012

USD 376,591.10 0.122,000,000

UK TREASURY 4.5% 08-07/03/2013 GBP 16,616,438.36 5.4414,200,000

UKRSIBBANK (HSBC) 7.75% 06-21/12/2011 USD 597,655.91 0.201,750,000

48,196,890.29 15.75

ART BV 126 06-21/12/2011 FRN EUR 718,478.42 0.23800,000

Netherlands

ART FIVE 05-26/05/2014 FRN EUR 1,700,000.00 0.562,000,000

BITE FINANCE 07-15/03/2014 FRN EUR 450,000.00 0.151,000,000

BLUEWATER HOLD 07-17/07/2014 FRN USD 451,909.32 0.153,000,000

BOATS INVESTMENT 11% 07-31/03/17 EUR 806,696.30 0.262,800,000

BOATS INVESTMENT 12.619% 07-18/12/2015 EUR 294,666.47 0.101,750,000HOLLAND EURO DENO MTGE 5.16% 07-18/08/2039

EUR 6,771,466.90 2.2110,000,000

HOLLAND EURO DENO MTGE 5.36% 07-18/08/2039

EUR 1,121,788.97 0.372,750,000

IMPRESS HOLDINGS 06-15/09/2013 FRN EUR 1,710,000.00 0.562,250,000

KAZKOMMERTS INTL 6.875% 07-13/02/2017 EUR 1,495,548.00 0.494,000,000

LAMBDA FINANCE 1X D2 07-20/09/2031 FRN EUR 509,829.05 0.172,500,000

NETHERLANDS GOVT 4% 08-15/07/2018 EUR 10,314,479.40 3.3610,000,000

SENSATA TECH BV 9% 07-01/05/2016 EUR 260,000.00 0.082,000,000

SHIELD I D 07-20/01/2014 FRN EUR 2,377,433.35 0.785,000,000

SKYLINE BV 07-22/07/2043 FRN EUR 2,240,000.00 0.734,000,000

SKYLINE BV 07-22/07/2043 FRN EUR 1,400,000.00 0.464,000,000

STORM 2007-1 E 07-22/04/2049 FRN EUR 706,466.64 0.23705,120

33,328,762.82 10.89

BCM IRELAND 06-15/02/2017 FRN EUR 119,124.90 0.042,382,498

Ireland

CELTIC RES IRISH MORT 06-14/12/2048 FRN EUR 10,235,752.20 3.3412,000,000

CRSM 9 B 05-12/11/2047 FRN EUR 4,949,556.72 1.628,500,000

GRND 1 C 06-20/07/2016 FRN EUR 1,036,303.00 0.342,204,900

GRND 1 D 06-20/07/2016 FRN EUR 652,650.40 0.211,763,920

JSG FUNDING PLC 7.75% 05-01/04/2015 EUR 1,042,500.00 0.341,500,000

LUSI 5 D 06-15/07/2059 FRN EUR 1,070,889.56 0.354,000,000

MERM 2007-1 D 07-30/01/2040 FRN EUR 5,993,128.05 1.967,000,000

SC GERMANY AUTO 07-12/11/15 FRN EUR 5,658,800.00 1.857,000,000

30,758,704.83 10.05

COGNIS GMBH 9.5% 04-15/05/2014 EUR 825,000.00 0.271,500,000

Germany

DEUTSCHLAND 4.25% 08-04/07/2018 EUR 11,075,183.10 3.6210,000,000

IESY & ISH NRW 06-15/04/2013 FRN EUR 3,480,000.00 1.144,000,000


Market valuein EUR

Currency %NAV

VERSATEL AG 07-15/06/2014 FRN EUR 1,722,000.00 0.562,800,000

17,102,183.10 5.59

BANCO POPOLARE 07-29/06/2049 FRN EUR 380,523.00 0.121,650,000

Italy

ITALY 4.5% 08-01/08/2018 BTPS EUR 5,130,879.70 1.685,000,000

LOCAT SEC VEHIC SRL 06-12/12/2028 FRN EUR 9,024,926.19 2.949,500,000

LOTTOMATICA SPA 8.25% 06-31/03/2066 EUR 781,250.00 0.261,250,000

15,317,578.89 5.00

AKERYS HOLDINGS 07-01/08/2014 FRN EUR 140,000.00 0.052,000,000

France

BANQUE AIG S.A. 07-31/07/2011 FRN USD 503,314.00 0.165,000,000

COMP 1 A 07-25/02/2019 FRN EUR 8,415,473.43 2.759,100,000

EUROPCAR GROUPE 8.125% 06-15/05/2014 EUR 285,000.00 0.091,500,000FRANCE TITRISATION AUTO 06-25/07/2017FRN

EUR 2,255,100.00 0.743,000,000

RHODIA SA 06-15/10/2013 FRN EUR 1,040,000.00 0.342,000,000

SPCM SA 8.25% 06-15/06/2013 EUR 580,000.00 0.191,000,000

13,218,887.43 4.32

BANK OF MOSCOW 7.5% 05-25/11/2015 USD 643,970.78 0.211,500,000

Luxembourg

BEVERAGE PACKAGING HLDG 8% 07-15/12/16

EUR 2,940,000.00 0.954,000,000

CIRSA FIN LUX SA 8.75% 04-15/05/2014 EUR 420,000.00 0.141,000,000

CODERE FIN LUX 8.25% 05-15/06/2015 EUR 365,000.00 0.121,000,000

GAZPROM OAO 8.625% 04-28/04/2034 USD 2,714,845.22 0.894,050,000

HELLAS V 05-15/10/2012 FRN EUR 970,000.00 0.322,000,000

VIMPELCOM (UBS) 8.25% 06-23/05/2016 USD 689,161.71 0.231,500,000

8,742,977.71 2.86

BANCAJA 9 A2 06-25/09/2043 FRN EUR 4,523,076.19 1.476,660,524

Spain

BANKINTER 6 FTA 07-26/08/2038 FRN EUR 1,547,141.68 0.513,500,000

HIPOCAT 11 -B- 07-15/01/2050 FRN EUR 2,603,815.98 0.857,300,000

8,674,033.85 2.83

CHESAPEAKE ENRGY 6.25% 06-15/01/2017 EUR 999,000.00 0.331,350,000

United States

FORD MOTOR CRED 06-13/01/2012 FRN USD 1,186,261.96 0.392,500,000

GEN ELEC CAP CRP 06-10/05/2010 FRN USD 3,819,492.36 1.245,400,000

TRAVEL PORT LLC 10.875% 07-01/09/2016 EUR 345,000.00 0.111,500,000

WDAC SUBSIDIARY 8.5% 04-01/12/2014 EUR 292,500.00 0.101,500,000

6,642,254.32 2.17

HELLENIC REP 3.8% 08-20/03/2011 EUR 5,081,435.00 1.665,000,000

Greece

5,081,435.00 1.66

PETROLEOS DE VEN 5.375% 07-12/04/2027 USD 4,745,047.83 1.5518,000,000

Venezuela

4,745,047.83 1.55

EL SALVADOR REP 7.65% 05-15/06/2035 USD 2,776,606.16 0.915,050,000

El Salvador

2,776,606.16 0.91

CONSOL GLASS LTD 7.625% 07-15/04/2014 EUR 1,270,000.00 0.412,000,000

South Africa

EDCON PROPRIET 07-15/06/2014 FRN EUR 1,125,000.00 0.373,000,000

2,395,000.00 0.78


Market valuein EUR

Currency %NAV







DOMINICAN REPUBL 8.625% 06-20/04/2027 USD 1,986,969.95 0.654,255,000

Dominican Republic

1,986,969.95 0.65

NAK NAFTOGAZ 8.125% 04-30/09/2009 USD 900,429.31 0.292,000,000

Ukraine

UKRAINE GOVT 6.58% 06-21/11/2016 USD 367,069.28 0.121,125,000

1,267,498.59 0.41

ARGENTINA 8.28% 05-31/12/2033 USD 267,308.50 0.091,055,000

Argentina

BUENOS AIRES PROV 9.625% 07-18/04/2028 USD 952,775.48 0.315,500,000

1,220,083.98 0.40

BCM IRELAND 06-15/08/2016 FRN EUR 472,500.00 0.151,500,000

Cayman Islands

472,500.00 0.15

URUGUAY 7.875% 03-15/01/2033 USD 4,632.07 0.007,500

Uruguay

4,632.07 0.00

201,932,046.82 65.97

ING International II - Senior Bank Loans EURO ICAP

EUR 8,144,453.35 2.66195



8,144,453.35 2.66

8,144,453.35 2.66

BTAN 2,5% 12/07/2010 PO EUR 15,196,388.67 4.9715,000,000

Money market instrumentsFrance

15,196,388.67 4.97

15,196,388.67 4.97



Market valuein EUR

Currency %NAV

CAN 10YR BOND FUT. 19/06/2009 CAD 12,894,130.32170 120,087.40



EUR 37,826,720.00304 198,290.00

JPN 10Y BOND (TSE) 11/06/2009 JPY 17,909,146.8517 (102,412.06)LONG GILT FUTURE (LIFFE)26/06/2009

GBP 6,650,653.1450 109,035.95

US 10YR NOTE FUT (CBT)19/06/2009

USD 4,953,032.0353 91,688.17

416,689.4680,233,682.34



in EUR


20/06/2014ITRAXX EUROPECROSSOVER SER

06/14 (INT)

20,000,000.00 (192,183.00)EURBuy 9.750

Credit default swaps

(192,183.00)

Sell

Buy

/Name NotionalMaturityDate

Unrealized profit or(loss)

in EUR

Currency

Interestrate

(%)

Floating 14/01/20193.685 15,300,000.00 396,843.74EUR

Interest rate swaps

3.255 14/01/2019Floating 160,800,000.00 (73,550.18)SEK

2.335 17/03/2017Floating 20,500,000.00 (213,076.34)CAD

110,217.22

To pay (%)

To receive (%)

NotionalMaturityDate

Unrealized profitor (loss)in EUR

Currency

To pay

8,290,000.00 16/04/200912,500,000.00 289,962.40USDAUD 6,541,420.27

Forward foreign exchange contracts

15,600,000.00 06/05/200916,571,064.37 (272,421.65)GBPEUR 16,571,064.37

15,500,000.00 18/05/20093,227,821.74 (77,075.82)PLNEUR 3,227,821.74

57,500,000.00 18/05/200945,095,032.88 1,755,775.12USDEUR 45,095,032.88

8,000,000.00 16/04/20096,258,311.82 231,774.84USDEUR 6,258,311.82

182,000,000.00 06/04/20096,414,096.92 (216,051.33)CZKEUR 6,414,096.92

9,600,000.00 06/04/20096,469,002.70 109,145.81CHFEUR 6,469,002.70

70,000,000.00 16/04/20096,478,446.21 101,246.49SEKEUR 6,478,446.21

6,380,530.27 20/04/200956,000,000.00 (138,407.47)EURNOK 6,380,530.27

6,270,010.67 16/04/200970,500,000.00 152,741.43EURSEK 6,270,010.67

6,297,983.04 16/04/200970,500,000.00 124,769.06EURSEK 6,297,983.04

21,473,284.37 16/04/200927,700,000.00 (606,538.51)EURUSD 21,473,284.37

2,267,230.96 03/04/20093,000,000.00 (7,606.09)EURUSD 2,267,230.96

13,000,000.00 29/04/20093,945,371.78 (113,749.97)PENUSD 2,971,583.78

195,000,000.00 30/06/20093,959,390.86 (36,292.66)PHPUSD 2,982,142.70

200,000,000.00 02/04/20094,180,602.01 32,411.95PHPUSD 3,148,755.00

42,500,000.00 03/04/20094,216,018.89 (187,853.91)ZARUSD 3,175,430.36

4,507,042.25 18/05/20096,000,000.00 15,187.90EURUSD 4,507,042.25

12,500,000.00 16/04/20098,090,000.00 (441,109.82)AUDUSD 6,093,243.96

715,907.77162,622,434.27


To receive Unrealizedprofit or (loss)

in EUR

MaturityDate

Commitmentin EUR







NAV


Total financial derivative instruments 1,050,631.45 0.34

Cash at bank 75,703,590.55 24.73


Total net assets 306,079,874.05 100.00

Semi-annual report and unaudited financial statements ING (L) PATRIMONIAL for the period ended March 31, 2009

ING INVESTMENT MANAGEMENT 27

Notes to the financial statements

1- GENERAL ING (L) PATRIMONIAL (the "Company" or the "SICAV") is a "Société d'Investissement à Capital Variable" ("SICAV") incorporated on June 9, 1986 for an unlimited period as a société anonyme (public limited company), governed by Part I of the Luxembourg law of December 20, 2002 on undertakings for collective investment. It aroses from the conversion, on that date, of the collective investment fund Patrimonial created in May 1960. The Memorandum and Articles of Association of the Company were published in the Mémorial, Recueil Spécial des Sociétés et Associations du Grand-Duché de Luxembourg and filed with the Registry of the Luxembourg District Court where they may be consulted and copies may be obtained upon payment of Registry fees. The Company is registered with the Luxembourg Register of Companies under number B 24 401. The Company currently offers the following share classes to the investors:

Shares Name

Description

Capitalisation P Capitalisation shares

Capitalisation X Capitalisation shares dedicated to some countries

Capitalisation I Capitalisation shares reserved to institutional investors

Distribution P Distribution shares

Distribution D Distribution shares dedicated to the Dutch market

2- PRINCIPAL ACCOUNTING METHODS The financial statements are prepared and presented in accordance with generally accepted accounting principles and regulations in force in Luxembourg. Currency conversion The financial statements have been drawn up in the accounting currency of each sub-fund. Assets and liabilities expressed in currencies other than the accounting currency of the sub-fund are converted into that currency at the exchange rate prevailing on the closing date. The various items in the combined statements correspond to the sum of the corresponding items in the financial statements of each sub-fund, converted if necessary into EUR at the exchange rate prevailing on the closing date. Securities valuation The securities admitted to an official listing or to any other regulated market are valued at the last known prices. If these securities are traded on several markets, the valuation is made on the basis of the last known price on the main market on which the securities are listed. Securities not listed or not traded on a stock exchange or on any other regulated market and securities listed or traded on such a market but whose last known price is not representative, are valued with prudence and in good faith on the basis of their probable realization value as determined by or under the direction of the Board of Directors. Investments in open-ended investment funds, either listed or not, are valued on the basis of their last available net asset value per share.

ING (L) PATRIMONIAL Semi-annual report and unaudited financial statements for the period ended March 31, 2009


Notes to the financial statements Financial derivative instruments valuation Financial derivative instruments listed on a regulated market are valued at the last available published price applicable at the closing date. Financial derivative instruments not listed on a regulated market are valued by means of an actuarial method recognized in the market. More specifically, swaps are valued under the responsibility of the Board of Directors on the basis of their market value, which depends on several parameters (level and volatility of the index, market interest rate, remaining life of the swap). Positive fair values of financial derivative instruments are disclosed as assets and negative fair values as liabilities in the statement of net assets, under the item "Total financial derivative instruments". Income Dividends are accounted for on the ex-date. Interest is accrued on a daily basis. 3- OTHER ASSETS AND CURRENT LIABILITIES Other assets account includes mainly accrued interest, receivables and interest to be received on swaps. Current liabilities account includes mainly fee accruals, payables and interest to be paid on swaps. 4- MANAGEMENT FEES In accordance with the terms and conditions of the "Collective Portfolio Management Agreement" between ING Investment Management Luxembourg S.A. and the SICAV, the sub-funds will pay ING Investment Management Luxembourg S.A. an annual management fee calculated on the average net assets of each class of shares as described below. This fee is payable monthly in arrears. For the sub-funds ING (L) Patrimonial - Aggressive, ING (L) Patrimonial - Balanced, ING (L) Patrimonial - Defensive and ING (L) Patrimonial - Euro, the rates are : P-Class : 1.20 % p.a.; X-Class : 2% p.a.. For the sub-fund ING (L) Patrimonial - Target Return Bond, the rates are : P-Class : 1.00% p.a.; X-Class : 1.50% p.a.; I-Class : 0.60% p.a.; D-Class: 0.85% p.a.. ING Investment Management Luxembourg S.A. has entrusted, at its own expense, the management of the different sub-funds to ING Investment Management Belgium and ING Asset Management B.V.. In the case where the sub-funds invest in the units of other UCITS and/or other UCIs that are managed directly or by delegation by the Management Company or by any other company with which the Management Company is linked by common management or control, or by a substantial direct or indirect participation, the management fees paid by the UCITS and/or other UCIs will be deducted from the management fees paid to the Management Company.

Semi-annual report and unaudited financial statements ING (L) PATRIMONIAL for the period ended March 31, 2009

ING INVESTMENT MANAGEMENT 29

Notes to the financial statements

5- CUSTODIAN FEES The depositary bank is remunerated in accordance with the agreement between ING Luxembourg, acting as the custodian, and the SICAV. 6- SUBSCRIPTION TAX The Company is liable in Luxembourg to a subscription tax (“Taxe d'abonnement”) of 0.01% per annum for all shares restricted to institutional investors and a subscription tax of 0.05% per annum for all the other shares. The subscription tax is paid quarterly and calculated on the net asset value at the end of the relevant calendar quarter. No subscription tax is paid on the assets held by the Company in other UCIs already subject to that tax in Luxembourg. 7- CHANGES IN THE COMPOSITION OF THE SECURITIES PORTFOLIO These changes are made available to the shareholders at the custodian bank and at the Company’s registered office as well as at the financial servicing institutions identified in this report. They will also be sent free of charge to anyone who so requests. 8- INFORMATION TO SHAREHOLDERS Under the Belgian Finance Act of December 22, 2003, that came into effect on January 1, 2004, a 0.06% yearly tax was applied on all money originating from Belgium included in the Company at December 31 of the prior year. This tax rate has been increased to 0.07% in 2005 and to 0.08% from 2007 onwards. The Company has lodged a complaint with the European Commission against the Belgian State for this tax to be recognized as contravening the Community law. 9- PERFORMANCE FEES ING Investment Management Luxembourg S.A. is entitled to receive a performance fee with respect to capitalization share classes of the ING (L) Patrimonial - Target Return Bond sub-fund. According to the provisions of the prospectus, the performance fee is crystallized and payable monthly based on a percentage of the net performance generated by each capitalization share class beyond the performance of the Benchmark (EURIBOR 1-month + 3.50% (daily basis)), when the following conditions are met: - The performance of the relevant share class since the last crystallization date is higher than the Benchmark; - The net asset value of the relevant share class at month end is higher than any net asset value of the latest month end on which a payment occurred (high water mark method). This performance fee is calculated and accrued on each valuation day.

For additional information please contact:

ING Investment Management BelgiumFundinfo Helpdesk (MA 2.01.02)Avenue Marnix 24B-1000 BrusselsTel. +32 2 547 87 88e-mail: [email protected] www.ingim.com

ing (l) patrimonial (l... · statement of net assets as at 31/03/2009 7 securities portfolio as at...

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